Cards in this guide (23)
What does a budget reveal about a government
A budget reveals the spending plan for the fiscal year, as well
as the government's financial priorities and goals.
What does a progressive taxation system do
it increases the tax as income rises
How can recent government spending be best described
Why does the government need to regulate the free market to protect competition
Producers driven by the profit motive seek to reduce their
competition.
What does enforcing consumer-protection regulations involve
What is one drawback to consumer-protection regulations
Higher costs for production, leading to higher consumer
prices.
Sort the statements below into the correct order in which the federal budget is prepared
The president gives a proposed budget to Congress.
Congress decides on the details of the budget.
The president signs spending bills into law.
.
The Office of Management and Budget (OMB) and the president
prepare a proposed budget.
Congress decides on the overall level of spending and taxation
and passes specific spending bills.
The president signs various spending bills into law.
What is a cartel
a group of producers working together to raise prices and
profits
What do politicians use to win support from their constituents
Politicians might use pork barrel spending to win support from their constituents.
Why is it necessary for the government to force people to pay taxes
The public goods the government provides suffer from a
free-rider problem.
What is an example of trade restriction
Tariffs and embargos are trade restrictions.
Why does free - market system require government regulation
Producers are driven by the profit motive to work against competition
When the government uses censorship what are they limiting
The government limits freedom of speech when they use
censorship.
Which is not a way the government can make up for a budget deficit
What is the one way that consumer-advocacy groups help protect consumers
By providing product information
What unfair business practice do cartel use
What is an example of a labor law in economics
A restriction on when a union may call a strike
Which of the following is an example of expansionary fiscal policy
Match each organization with its correct relationship to the government
A. Social security _ government agency
B. U.S. Postal Service _ government corporation
C. Boeing _ government contractor
what is one way that the government cannot prevent a budget deficit (apex)
Match each type of good with the sample good it represents (apex)
Merit good : education
Public good : national security
Individual good : food
Order to make up for a budget deficit the government can do what (Apex)
Match each organization with the correct labels (apex)
Organization of Petroleum Exporting Countries competition regulator
Lockheed Martin Corporation government contractor
Antitrust Division of the Department of Justice cartel